Question
How to record a loss on heavy equipment
Not sure if I can put this question out on this community but here goes.
We are a construction company that does large projects in northern Manitoba.
We were in the middle of project when the community leadership changed hands and the company was locked out of the site including all the heavy equipment we used for the project.
Access to the equipment for removal has been denied and at this point in time, we are positive that major damage has been done and rendered the equipment unusable.
How do I record the write off?